Uber (https://www.cnbc.com/2026/06/03/uber-layoffs-people-division-ai.html) and explicitly saying it's NOT about AI — that's the tell. When companies cut costs and credit automation, we celebrate efficiency gains. When they cut *because they have to*, we miss the structural earnings problem hiding underneath. Oracle and Marvell are both priced for margin expansion cycles that assume tech can keep growing headcount costs down while revenue stays stable.

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